Article 20. Property risks related to the leased item of the Financial Leasing Act
1. The lessee is responsible for the safety of the leased item, as well as for the risks associated with its death, loss, damage, premature breakdown, theft and miscalculations during the installation, assembly or operation of the leased item, which led to the impossibility of its use to the extent provided for in the technical documentation, and other property risks from the moment of the actual acceptance of the leased item., unless otherwise stipulated by the agreement.
2. The lease agreement may provide for the obligation of the lessor or the lessee to insure the leased item.
3. If the party obligated to insure the leased item has not insured in accordance with the terms of the lease agreement, the other party has the right to insure the leased item and demand reimbursement of expenses in the form of insurance payments from the obligated party.
4. The death, loss, damage, theft of the leased object or the loss of its functions by the leased object, or if the property, due to circumstances for which the lessee is not responsible, turns out to be in a condition unsuitable for use, do not release the lessee from obligations under the lease agreement and are not grounds for early termination of the lease agreement at the request of the lessee, unless otherwise specified in the lease agreement.
The Law of the Republic of Kazakhstan dated July 5, 2000 No. 78.
This Law regulates relations arising in the process of financial leasing and is aimed at attracting investments based on leasing activities.
President
Republic of Kazakhstan
© 2012. RSE na PHB "Institute of Legislation and Legal Information of the Republic of Kazakhstan" of the Ministry of Justice of the Republic of Kazakhstan
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